Inditex, the owner of shops such as Zara, Bershka, Pull&Bear and Massimo Dutti, has revealed plans to close 1,200 stores across Europe and Asia as a result of the pandemic.
It's been revealed that the owner of popular clothes and homewares store Zara has plans to close over 1,200 of the company's stores worldwide - putting the decision down to a drop in profits due to Covid-19.
Owned by Inditex, a Spanish retail conglomerate that operates seven other brands, according to an article that appeared in the Financial Times, the company has "slumped to its first quarterly loss as a public company" causing it to announce a €2.7billion plan that will close over 1,000 stores in a bid to push sales.
Losses will reportedly be concentrated in Europe and Asia among shops also owned by Inditex including favourites such as Bershka, Pull & Bear and Massimo Dutti. Inditex has said that "headcount will remain stable" and staff will be offered roles in other jobs such as dispatching online purchases. The company has yet to name which stores will be affected so it remains to be seen whether any Irish branches will be hit by closure orders.
This comes after Monsoon and Accessorize, high street staples, announced the closure of four Irish shops - with those affected covering one on Grafton Street, one in Kilkenny and two shops down in Cork.
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